Welcome,
This post is mainly addressing the future Entrepreneurs and
to the people who are going to start their businesses very soon.
The basic and initial step to start or launch a business is
to have a blue print of business or business model review. Yes, most of
the entrepreneurs are not showing interest in preparing and having a business
model in hand for to evaluate and to check the miles they reached in the race of
winning the measurable and specifiable vision.
By the end of this post, I guarantee that you all going to
be aware of how to write a business plan according to your burning idea or the
sector you have chosen.
Let me come to the straight...
Introduction, yes
any business plan or model will start of introducing about the history, like
what are the past records and stages they reached. If it is a new business then
we have to start introducing about our history and relevant capabilities of
handling business in a successful track.
What is the main purpose of your business and which business
you are in to and why you started this? These are the few basic questions to
make you clear every time that why you are in this business world. Once you
have described the above then go for explaining the products/services you offered
with competitive advantages and in which location you are going to do the
business.
So far we have just introduced the company and the product/services, before we implement a
business plan in to the market it is necessary to understand the current position of the Industry you
are in to!! Whether it is having a large scope of business? Is it flexible for
changes in future? and also explain what are you doing at present and how it
adds value in your venture or business.
Next, Competitive advantage
is another important factor to be consider in writing a business plan, because
it always keeps you different among competitors. Bring to notice that what niche
segment you have identified to make your product/service USP, Indirectly adds
to the company USP and further it helps in increase the sales or to expand
company in to different horizons.
Mostly, People having 8 to 15 years of experience are really
had a spark to start their own business, with that high spark, they will just
enter in to the Entrepreneurship without proper study on markets, current
challenges and failures in chosen business, that is how many entrepreneurs are
failing right immediate start of their venture. Indirectly these failures give
rises to another business opportunity of startup incubators. Of course these
startup incubators are really doing well in turning up the normal people to
real entrepreneurs.
Why I am telling this is, consistently for 2-3 years a growth plan should be there to define the
capabilities for a sustainable growth.
Strategy, like I said
above; 2-3 years of your business strategy should be ready by keeping in the
mind of environmental changes (Which makes you prepare for strategic impact –
External environment factors).
Create some core values in the company of where you want it
to go by defining clear mission and vision statements.
Marketing plan
includes in business plan, which gives an eye on overall sales process to be happened
in business process, Different distribution channels have to be in accessible
and strategic alliances to access the deeper or niche markets. In very short, identify the Ecommerce and technology accessible to public which makes you to
prepare a tactical promotional plan i.e. choosing a PR, Internet, Advertising, Direct
selling etc, is just to create traffic and generate prospects. Always keep a business analyst to calculate the ROI on each marketing
plan and for risk reduction.
Management system or
Structure: A management system should contain people of skill sets, training
& retention, Advisors, Consultants etc,
Always keep a manual of written operations like set of rules
& regulations to be followed by the staff & employees
Attach
financial budgets and forecasts such as:
Profit
and Loss Forecast
Cashflow
forecast
Balance
sheet forecast
Capital
expenditure budget
Break-even
analysis
Provide
brief notes on each of these forecasts. It’s a good idea to produce optimistic,
pessimistic and realistic versions of the first three.
If
the cashflow forecasts pinpoint future cashflow difficulties, explain how you
plan to deal with these challenges
End
with a brief summary of the main points of your plan: where you are now, where
you want the plan to take your business.
As
the market and the world are always changing, outline when this plan will next
be reviewed.
Hope you all enjoyed
in reading..!!
Have a blessed day :-)
